Curaleaf (CURA) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenue reached $333 million, up 5% sequentially and 2% year-over-year, with international revenue of $51 million growing 65% year-over-year, led by Germany and the UK.

• Full year 2025 revenue was $1.27 billion, with adjusted gross margin of 50% and adjusted EBITDA of $275 million (22% of revenue).

• Operational reset, innovation initiatives, and new product launches drove margin expansion and market share gains.

• Retail footprint expanded to 161 locations nationwide, with presence in 15 states and 15 cultivation sites.

• Uplisting to the Toronto Stock Exchange in December 2023 increased liquidity and institutional investor access.

Financial highlights

• Q4 2025 adjusted gross margin was 49%, up 20 basis points year-over-year; adjusted EBITDA was $69 million (20.7% margin).

• Q4 net loss from continuing operations was $49 million ($0.06/share); adjusted net loss was $39 million ($0.05/share).

• Full year operating cash flow was $152 million; free cash flow was $89 million.

• Year-end cash balance was $102 million, with $549 million in outstanding debt.

• Retail/wholesale revenue mix was 71%/28%, with over 1,300 wholesale partner accounts.

Outlook and guidance

• Expect continued pricing pressure in the first half of 2026, with stabilization anticipated as the federal hemp ban takes effect.

• Q1 2026 revenue expected to decline mid-single digits sequentially due to seasonality.

• Capital expenditures for 2026 projected at $80 million, focused on international, automation, store renovations, and new openings.

• Expansion into Turkey, France, and Spain is expected to drive further international growth in 2026/27.

• Strategic priorities include enhancing flower quality, supply chain excellence, and customer experience.